05/02/2017, Financial Technology – or FinTech – is fundamentally changing the way financial services firms operate and transforming the way we transfer, borrow, protect and manage our money.
A report published by EY and commissioned by the HM Treasury highlights the attributes of the FinTech ecosystem.
The study, then, defines the benchmark factors.
Based on the analysis contained in the report, EY ranked in-scope regions across the four Attributes of a successful ecosystem.
The analysis highlights the significant gap between the top three (UK, California, and New York) and the remainder of the group. The analysis also highlights the importance of supportive government and regulatory policy to the top three positions.
Some of the recommendations are the following ones:
- Create a FinTech “delivery body” to drive high impact policy initiatives to implementation as quickly as possible;
- Deliver practical business support to FinTechs;
- Build FinTech “bridges” to expand national FinTechs at international level;
- Strengthen the country’s talent pipeline, particularly for tech talent;
- Establish regional Centers of Excellence;
- Initiate investor-focused programs to improve access to growth capital;
- Establish tax initiatives to drive greater investment in FinTech (see the Swiss case);
- Promote the adoption of FinTech services.